Question: 10. Using the periodic method, what is the journal entry to record the purchase of $2.000 of merchandise inventory on credit, account? A. Dr. Purchases

10. Using the periodic method, what is the journal entry to record the purchase of $2.000 of merchandise inventory on credit, account? A. Dr. Purchases 2.000 Cr. Cash 2,000 B. Dr. Cash 2.000 Cr. Purchases 2.000 C. Dr. Purchases 2,000 Cr Accounts Payable 2.000 D. Dr. Merchandise Inventory 2.000 Cr. Accounts Receivable 2.000 E. None of the above Chapter 7-Accounting Information Syste 11. In which journal is the cash purchase of merchandise inventory recorded? A. Cash Receipts B. Cash Payments C. Purchases D. Sales E. None of the above 12. In which journal is the closing entry to close out the expense accounts recorded A. Cash Receipts B. Cash Payments C. Purchases D. Sales None of the above

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